MIRA
INFORM REPORT
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Report Date : |
22.08.2014 |
IDENTIFICATION DETAILS
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Name : |
JINDAL STEEL AND POWER LIMITED |
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Registered
Office : |
O.P. Jindal Marg, Hisar – 125005, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.09.1979 |
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Com. Reg. No.: |
009913 |
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Capital
Investment / Paid-up Capital : |
Rs. 914.900 Millions |
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CIN No.: [Company Identification
No.] |
L27105HR1979PLC009913 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JBPJ00181G DELJ03437A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of sponge Iron, steel products and power generation. |
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No. of Employees
: |
15000 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (72) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 520000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Jindal Group”. It is a well established and a
reputed company having excellent track record. There is a slight dip profit of company in the year 2014. However, the rating reflects healthy financial risk profile marked by
strong cash flow stream and its large and geographically – diversified
resource base. Trade relations are reported as trustworthy. Business is active.
Payment terms are reported to be regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite worrying.
He is of the view that the Chinese economy could be heading toward trouble on
account of new Chinese President Xi Jingping’s very aggressive anti-corruption
drive. Chanos believes tat many things such as apartment sales, luxury
products, etc. were largely bought with dirty money. And it is now beginning to
impact consumption. This may indeed be bad news for an economy that is
struggling to transition from an investment-driven export-oriented economy to a
domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL / CARE / ICRA |
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Rating |
Short term rating |
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Rating Explanation |
Moderate degree of safety and very high credit risk. |
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Date |
27.03.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management non-cooperative. (Tel. No.: 91-11-26739100)
LOCATIONS
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Registered Office : |
O.P. Jindal Marg, Hisar – 125005, Haryana, India |
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Tel. No.: |
91-1662-222471-75/
83/ 84 |
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Fax No.: |
91-1662-222476/
499 |
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E-Mail : |
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Website : |
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Location : |
Owned (Industrial Area) |
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Corporate/ Operating Office : |
Jindal Centre,
12, Bhikaiji Cama Place, New Delhi - 110066, India |
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Tel. No.: |
91-11-26188340-50 |
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Fax No.: |
91-11-26161271/
26170691 |
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E-Mail : |
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Factory 1 : |
Karsia Road, Post Box No.16, Raigarh – 496001, Chhattisgarh, India |
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Tel. No.: |
91-7762-304300/ 227001-05 |
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Fax No.: |
91-7762-227022-23/ 227050 |
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Factory 2 : |
13 KM Stone, G.E.
Road, Mandir Hasaud, Raipur – 492001, Chhattisgarh, India |
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Tel. No.: |
91-771-2471205/
07/ 3054600 |
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Fax No.: |
91-771-2471404/
2471214/ 3054666 |
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Factory 3 : |
Jindal Nagar,
Village Nisha, SH 63, Chhendipada Road, Angul – 759111, Orissa, India |
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Tel. No.: |
91-6761-254191/
95 |
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Factory 4 : |
Balkudra,
Patratu, District – Ramgarh – 829143, Jharkhand, India |
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Tel. No.: |
91-6553-275724/
275726 |
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Fax No.: |
91-6553-275744 |
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Factory 5 : |
Iron Ore Pellet
Plant, Commercial Office, Plot No. 507/365, Barbil Joda – Highway, Barbil, District – Keonjhar –
758035, Odisha, India |
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Factory 6 |
Tesobathan, Block
and Po : Sunderpahari Godda – 814156, Jharkhand, India |
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Factory 7: |
TRB Iron Ore
Mines, At P.O. Tensa, District Sundergarh – 770042, Orissa, India |
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Tel. No.: |
91-6625-236023/
24 |
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Fax No.: |
91-6625-236022 |
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Factory 8: |
Jindal Open Cast Coal Mine, Dhorabatta, Dongamahua, Raigarh – 496001,
Chattisgarh, India |
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Factory 10: |
201 to 204 Industrial Park SSD, Punjipatra, Raigarh-496001, Chhattisgarh, India |
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Marketing Office : |
Located At: · Gurgaon · Raipur · Bhopal · Chandigarh · Kochi · Kolkata · Jamshedpur · Bangalore · Kanpur · Mumbai · Bhubaneswar · Chennai · Jaipur · Hyderabad · Ludhiana · Ahmedabad · Pune · Nagpur · Patna · Ghaziabad · Faridabad · Vizag. |
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Branch Offices : |
Located At: · Bhubaneswar · Ranchi ·
Kolkata |
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Stock Yards : |
Located At: · Kolkata · Cuttack · Patna · Ahmedabad · Nagpur · Rahuri · Mumbai · Delhi · Faridabad · Ludhiana · Ghaziabad · Kanpur · Chandigarh · Rudrapur · Jaipur · Raipur · Bhopal · Chennai · Hyderabad ·
Visakhapatnam |
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International Locations : |
Located at: ·
China ·
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Madagascar ·
· Zambia ·
Australia |
DIRECTORS
As on 31.03.2014
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Name : |
Mr. Ratan Jindal |
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Designation : |
Director |
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Name : |
Mr. Naveen Jindal |
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Designation : |
Chairman |
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Name : |
Ms. Shallu Jindal |
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Designation : |
Director |
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Name : |
Mr. Ravi Uppal |
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Designation : |
Managing Director and Group CEO |
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Name : |
Mr. K. Rajagopal |
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Designation : |
Group Chief Financial Officer and Director |
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Name : |
Mr. Dinesh Kumar Saraogi |
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Designation : |
Whole time Director |
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Name : |
Mr. R.V. Shahi |
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Designation : |
Independent Director |
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Name : |
Mr. A.K. Purwar |
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Designation : |
Independent Director |
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Name : |
Mr. Arun Kumar |
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Designation : |
Independent Director |
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Name : |
Mr. Haigreve Khaitan |
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Designation : |
Independent Director |
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Name : |
Mr. Hardip Singh Wirk |
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Designation : |
Independent Director |
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Name : |
Mr. Sudershan Kumar Garg |
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Designation : |
Independent Director |
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Name : |
Mr. Ajit M. Ingle |
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Designation : |
Independent Director (Nominee Director, IDBI Bank Limited) |
KEY EXECUTIVES
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Name : |
Mr. T. K. Sadhu |
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Designation : |
Company Secretary
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
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Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
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As a % of (A+B) |
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(A) Shareholding of Promoter and Promoter
Group |
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14995228 |
1.64 |
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464935550 |
50.82 |
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479930778 |
52.46 |
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775470 |
0.08 |
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71997600 |
7.87 |
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72773070 |
7.95 |
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Total shareholding of Promoter and Promoter
Group (A) |
552703848 |
60.41 |
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(B) Public Shareholding |
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13660510 |
1.49 |
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961752 |
0.11 |
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29032171 |
3.17 |
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204734586 |
22.38 |
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586 |
0.00 |
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248389605 |
27.15 |
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34873284 |
3.81 |
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68618771 |
7.50 |
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2444125 |
0.27 |
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7856351 |
0.86 |
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421152 |
0.05 |
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7401719 |
0.81 |
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33480 |
0.00 |
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113792531 |
12.44 |
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Total Public shareholding (B) |
362182136 |
39.59 |
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Total (A)+(B) |
914885984 |
100.00 |
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(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
914885984 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of sponge Iron, steel products and power generation. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2014)
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Particulars |
Unit |
Installed Capacity |
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AT RAIGARH |
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Sponge Iron |
M.T. |
13,70,000 |
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Mild Steel |
M.T. |
30,00,000 |
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Ferro Alloys |
M.T. |
36,000 |
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Power |
MW |
851 |
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Hot Metal/Pig Iron |
M.T. |
16,70,000 |
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Rail & Universal Beam Mill |
M.T. |
7.50.000 |
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Plate Mill |
M.T. |
10,00,000 |
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Fabricated Structures |
M.T. |
1,20,000 |
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Cement Plant |
M.T. |
5,00,000 |
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Medium & Light Section Mill |
M.T. |
6,00,000 |
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AT RAIPUR |
M.T. |
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Steel Casting and Fabrication |
M.T. |
30,000 |
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CF Castings |
M.T. |
-- |
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AT BARBIL |
M.T. |
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Pelletisation Plant |
M.T. |
45,00,000 |
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AT SATARA
(MAHARASHTRA) |
M.T. |
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Wind Energy |
MW |
24 |
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AT PATRATU |
M.T. |
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Wire Rod |
M.T. |
6,00,000 |
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Bar Mill |
M.T. |
10,00,000 |
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AT ANGUL |
M.T. |
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Power |
MW |
810 |
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Fabricated Structures |
M.T. |
84,000 |
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Plate Mill |
M.T. |
12,00,000 |
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Mild Steel |
M.T. |
15,00,000 |
Note: Installed capacity is as certified by the management and relied upon by the auditors being a technical matter.
|
Particulars |
Unit |
Production |
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Sponge Iron |
M.T. |
13,19,985 |
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M.S. Round |
M.T. |
5,68,120 |
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H.C. Ferro Chrome/Silico Mangnese |
M.T. |
35,008 |
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Power |
MILLION KWH |
5,589 |
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Hot Metal/Pig Iron |
M.T. |
16,69,799 |
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Parallel Flange Beam/Columns |
M.T. |
2,52,054 |
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Universal Plate/Coil |
M.T. |
7,99,888 |
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Other Finished Steel Products |
M.T. |
1,00,911 |
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Other Semi Steel Products |
M.T. |
23,17,659 |
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Machineries |
M.T. |
14,033 |
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Wire Rod |
M.T. |
3,67,265 |
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Bars |
M.T. |
3,79,963 |
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Fabricated Structures |
M.T. |
87,401 |
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Cement |
M.T. |
4,76,197 |
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Medium & Light Sections |
M.T. |
2,53,532 |
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Iron Ore Pellets |
M.T. |
41,48,974 |
|
Wind Energy |
M.T. |
54.95 |
GENERAL INFORMATION
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No. of Employees : |
15000 [Approximately] |
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Bankers : |
· State Bank of India · Punjab National Bank · State Bank of Patiala · ICICI Bank Limited · Canara Bank ·
IBBI Bank Limited ·
Axis Bank Limited ·
HDFC Bank Limited |
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Facilities : |
Note: Long term
Borrowing: DEBENTURES · Debentures of Rs 10000.000 Millions placed initially with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual instalments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs.1000.000 Millions (12.10.2009), Rs.1500.000 Millions (22.10.2009), Rs.1500.000 Millions (24.11.2009), Rs.1500.000 Millions (24.12.2009), Rs. 1500.000 Millions (25.01.2010), Rs. 1500.000 Millions (19.02.2010) and Rs.1500.000 Millions (26.03.2010). The debentures are secured on pari passu charge basis by way of mortgage of immovable properties and hypothecation of movable fixed assets created/to be created on the 6x135 MW Power Plant Project at Angul, Odisha in favour of the Debenture Trustees. · Debentures of Rs. 5000.000 Millions placed initially with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual instalments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs. 1000.000 Millions (24.08.2009), Rs. 800.000 Millions (08.09.2009), Rs. 800.000 Millions (08.10.2009), Rs. 800.000 Millions (09.11.2009), Rs. 800.000 Millions (08.12.2009) and Rs. 800.000 Millions (08.01.2010) . The debentures are secured on pari-passu charge basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees. · Debentures of Rs. 620.000 Millions placed initially with SBI Life Insurance Company Limited on private placement basis are redeemable at par in 5 equal annual instalments commencing from the end of 8 years from the date of allotment i.e. 29.12.2009. The debentures are secured on pari passu basis by way of mortgage of immovable properties and hypothecation of movable assets created/to be created on the 6x135 MW Power Plant Project at Angul, Odisha in favour of the Debenture Trustees. · Debentures of Rs. 250.000 Millions placed initially with ICICI Lombard General Insurance Company Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 03.12.2009. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees. · Debentures of Rs. 750.000 Millions placed initially with ICICI Prudential Life Insurance Company Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 03.12.2009. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees. TERM LOANS Security · Loans of Rs. 301.300 Millions (Previous year Rs. 979.800 Millions) are secured by exclusive charge on fixed assets created under Steel expansion project at Raigarh, Chhattisgarh; · Loans of Rs. 576.200 Millions (Previous year Rs. 1040.400 Millions) are secured by exclusive charge on fixed assets created under Plate Mill project at Raigarh, Chhattisgarh; · Loans of Rs.171.400 Millions (Previous year Rs. 428.600 Millions) are secured by exclusive charge on fixed assets created under 3x25 MW Power Plant at Raigarh, Chhattisgarh; · Loans of Rs. 34833.800 Millions (Previous year Rs. 27994.000 Millions) are secured by exclusive charge on fixed assets created/to be created under the DRI project at Angul, Odisha; · Loans of Rs. 5237.900 Millions (Previous year Rs. 6095.900 Millions) are secured by exclusive charge on fixed assets created under 2X135 MW Power Plant (Phase-1) at Dongamahua, Raigarh, Chhattisgarh; · Loans of Rs. 5830.700 Millions (Previous year Rs. 6802.500 Millions) are secured by exclusive charge on fixed assets created/ to be created under 2X135 MW Power Plant (Phase - 2) at Dongamauha, Raigarh, Chhattisgarh; · Loans of Rs. 30223.300 Millions (Previous year Rs. 31545.500 Millions) are secured by exclusive charge on fixed assets created/to be created under 1.6 MTPA Integrated Steel Plant and 1.5 MTPA Plate Mill project at Angul, Odisha; · Loans of Rs. 14805.000 Millions (Previous year Rs. 1,6922.000 Millions) are secured/to be secured by exclusive charge on fixed assets created/to be created under 6x135 MW Power Plant Project at Angul, Odisha; · Loan of Rs. 1716.300 Millions (Previous year Rs. 2341.400 Millions) are secured by subservient charge on fixed assets of the Company. · Loan of Rs. 15000.000 Millions (Previous year NIL) initially placed with ICICI bank on bilateral basis are redeemable by way of ballooning instalments in two tranches. An amount of Rs. 5000.000 Millions shall be repayable in a period of 5 (five )years in 16 (sixteen) quarterly instalment whereas an amount of Rs. 10000.000 Millions shall be repayable in a period of 10 (Ten) years in 36 (thirty six) quarterly instalment. Above loans are secured by way of a first pari passu charge on all the Borrower’s present movable Fixed Assets of units located at Patratu, District Ramgarh, Jharkand; G E Road, Mandir Hasaud, Raipur; Punjipatra, Raigarh Chhattisgarh; Bhikaji Cama Place, New Delhi; at Village Pachwad, District Satara, Maharashtra and all movable Fixed Assets (present as well as future) located at Kharsia Road, Post Box No. 16, Raigarh, Chhattisgarh. In addition a first ranking mortgage and pari passu charge on part of immovable property of the Borrower pertaining to its unit located at Kharsia Road, Post Box No. 16, Raigarh and part of the immovable property of the Borrower pertaining to its unit located at 13 KM Stone, G E Road, Mandir Hasaud, Raipur; · Loan of Rs. 3000.000 Millions (Previous year NIL) initially placed with HDFC Bank on bilateral basis are redeemable in a period of 8 (eight) years in 28 (twenty eight) quarterlyinstallments. Above loans are secured by way of a fi its located at Pataratu, District Ramgarh, Jharkand; G E Road, Mandir Hasaud, Raipur; Punjipatra, Raigarh Chhattisgarh; Bhikaji Cama Place, New Delhi; at Village Pachwad District Satara, Maharashtra and all movable Fixed Assets (present as well as future) located at Kharsia Road, Post Box No. 16, Raigarh, Chhattisgarh. In addition a first ranking mortgage and pari passu charge on part of immovable property of the Borrower pertaining to its unit located at Kharsia Road, Post Box No. 16, Raigarh and part of the immovable property of the Borrower pertaining to its unit located at 13 KM Stone, G E Road, Mandir Hasaud, Raipur. Repayments and Interest rates for the above Debentures and Term Loans from banks are as follows:
OTHER LOANS Security · Loans of Rs. 538.000 Millions (Previous year Rs. 957.500 Millions) are Secured by hypothecation by way of First Pari passu Charge over all current assets namely stock of raw materials, semi finished and finished goods, stores and spares not related to plant and machinery, all export benefits, bills receivables and book debts and second pari passu charge over all other movable fixed assets of the company (both present and future, including plant machinery) to the extent of value of Rs. 4675.000 Millions. · Loans of NIL (Previous year Rs. 541.700 Millions) are secured by hypothecation of book debts and stocks. Short Term
Borrowing : Cash Credit from
Banks Secured by hypothecation by way of First Pari passu Charge over all current assets namely stock of raw materials, semi finished and finished goods, stores and spares not related to plant and machinery, all export benefits, bills receivables and book debts and second pari passu charge over all other movable fixed assets of the company (both present and future, including plant machinery) to the extent of value of Rs. 4675.000 Millions. The cash credit is repayable on demand. Other Loans · Loans of Rs. 2524.200 Millions (Previous year Rs. 2014.300 Millions) are Secured by hypothecation by way of First Pari passu Charge over all current assets namely stock of raw materials, semi finished and finished goods, stores and spares not related to plant and machinery, all export benefits, bills receivables and book debts and second pari passu charge over all other movable fixed assets of the company (both present and future, including plant and machinery) to the extent of value of Rs. 4675.000 Millions. · Loans of Rs.5500.000 Millions (Previous year Rs. 2953.700 Millions) secured by subservient charge by way of Hypothication of currents assets of the company comprising book debts and stocks. · Loans of Rs. 5000.000 Millions (Previous year Rs. 2000.000 Millions) are secured by Subservient charge by way of hypothication of current assets namely stock of raw materials, semi finished and finished goods, stores and spares not related to plant and machinery (consumable stores and spares), bills receivables and book debts and all movable current assets up to any amount of ` 500.00 crore. · Loans of Rs. 500.000 Millions (Previous year NIL) are secured by residual charge on all current assets of the company including stock in trade consisting of raw material, finished goods etc. |
|
|
|
|
Banking Relations
: |
|
|
|
|
|
Auditors 1: |
|
|
Name : |
S.S. Kothari Metha and Company Chartered Accountants |
|
Address : |
145-149, Tribhuwan Complex, Ishwar Nagar, |
|
Tel. No.: |
91-11-46708888 |
|
Fax No.: |
91-11-66628889 |
|
E-Mail : |
|
|
|
|
|
Auditors 2 : |
|
|
Name : |
S.R. batlibol and Company LLP Chartered Accountants |
|
Address : |
Golf View Corporate Tower-B, Sector-42, Sector Road, Gurgaon – 122002,
Haryana, India |
|
Tel. No.: |
91-124-4644000 |
|
Fax No.: |
91-124-4644050 |
|
|
|
|
Cost Auditor : |
|
|
Name : |
Ramanath Iyer and Company |
|
Address : |
808, Pearls Business Park, Netaji Subhash Place, Delhi - 110 034, India |
|
|
|
|
Subsidiaries, Step
Down Subsidiaries: |
Subsidiaries · Jindal Power Limited · Jindal Steel Bolivia SA · Jindal Steel and Power(Mauritius) Limited · Skyhigh Overseas Limited · Everbest Infrastructure & Development (w.e.f 01.03.2014) · JSPL Mining and Steel Limited (w.e.f 31.12.2013) Subsidiaries of
Jindal Power Limited · Attunli Hydro Electric Power Company Limited · Etalin Hydro Electric Power Company Limited · Jindal Hydro Power Limited · Jindal Power Distribution Limited · Ambitious Power Trading Company Limited · Jindal Power Transmission Limited · Jindal Power Ventures (Mauritius) Limited (w.e.f 18.02.2014) · Kamala Hydro Electric Power Company Limited · Kineta Power Private Limited (w.e.f 06.09.2013) · Uttam Infralogix Limited (w.e.f 07.10.2013) Subsidiaries of Sky
high Overseas Limited · Gasto Liquids lnternational S.A Subsidiaries of
Jindal Steel & Power (Mauritius) Limited · Blue Castle Ventures Limited (with effect from 17.02.2014) · Brake Trading (Pty) Limited (with effect from 29.07.2013) · Enduring Overseas Inc · Fire Flash Investments (Pty) Limited (with effect from 20.06.2013) · Harmony Overseas Limited Jindal Steel & Power Limited · Jin Africa Limited · Jindal (BVI) Limited · Jindal Africa Investments (Pty) Limited · Jindal Africa Liberia Limited · Jindal Africa SA · Jindal Botswana (Pty) Limited · JINDAL Brasil Mineraçăo S/A · Jindal Investimentos LDA · Jindal Investment Holding Limited. · Jindal KZN Processing (Pty) Limited (with effect from 01.04.2013) · Jindal Madagascar SARL · Jindal Mining & Exploration Limited · Jindal Mining Namibia (Pty) Limited · Jindal Steel & Minerals Zimbabwe Limited · Jindal Steel & Power (BC) Limited · Jindal Steel and Power(Australia) Pty Limited · Jindal Tanzania Limited · Jindal Zambia Limited · JSPL Mozambique Minerais LDA · Jublient Overseas Limited · Landmark Mineral Resources (Pty) Limited (with effect from 01.04.2013) · Osho Madagascar SARL · Panacore Investment Limited, Mauritius · PT Jindal Overseas · Rolling Hills Resources LLC (under liquidation) · Shadeed Iron & Steel L.L.C · Sungu Sungu Pty Limited (with effect from 14.05.2013) · Tablet Blue Trade and Invest (Pty) Limited · Trans Asia Mining Pte. Limited · Trans Atlantic Trading Limited · Vision Overseas Limited · Wollongong Coal Limited (with effect from 15.11. 2013) Others · Belde Empreendi mentos Mineiros Limited, a subsidiary of JSPL Mozambique Minerais LDA · Eastern Solid Fuels (Pty) Limited, a subsidiary of Jindal Mining and Exploration Limited · Ericure (Pty) Limited, a subsidiary of Tablet blue Trade and Investment (Pty) Limited · PTBHI Mining lndonesia, asubsidiary of Jindal Investment Holding Limited · PT Sumber Surya Gemilang, a subsidiary of PT.BHI Mining Indonesia · PT Maruwai Bara Abadi, a subsidiary of PT.BHI Mining Indonesia · Jindal Mining SA (Pty) Limited, a subsidiary of Eastern Solid Fuels (Pty) Limited · Bon-Terra Mining (Pty) Limited, a subsidiary of Jindal (BVI) Limited · CIC(Barbados) Holding Corp, a subsidiary of Jindal (BVI) Limited · CIC Energy (Bahamas) Limited, a subsidiary of Jindal (BVI) Limited · Jindal Energy (Botswana) Pty Limited, a subsidiary of Jindal (BVI) Limited · Jindal Energy (SA) Pty Limited, a subsidiary of Jindal (BVI) Limited · CIC Transafrica (Barbados) Corp, a subsidiary of Jindal (BVI) Limited · Jindal Resources (Botswana) Pty Limited, a subsidiary of CIC Transafrica (Barbados) Corp · Trans Africa Rail (Pty) Limited, a subsidiary of CIC Transafrica (Barbados) Corp · Sad-Elec (Pty) Limited, a subsidiary of Jindal energy (SA) pty Limited · CIC (Barbados) Mining Corp, a subsidiary of CIC (Barbados) Holding Corp · CIC (Barbados) Energy Corp, a subsidiary of CIC (Barbados) Holding Corp · Meepong Resources (Mauritius) (Pty) Limited, a subsidiary of CIC (Barbados) Mining Corp · Meepong Resources (Pty) Limited, a subsidiary of Meepong Resources (Mauritius) (Pty) Limited · Meepong Energy (Mauritius) (Pty) Limited, a subsidiary of CIC (Barbados) Energy Corp · Meepong Energy (Pty) Limited, a subsidiary of Meepong Energy (Mauritius) (Pty) Limited · Meepong Service (Pty) Limited, a subsidiary of Meepong Energy (Pty) Limited · Meepong Water (Pty) Limited, a subsidiary of Meepong Energy (Pty) Limited · Core Ambition Limited, a subsidiary of Panacore Investment Limited · Core Forte Limited, a subsidiary of Panacore Investment Limited · Core Integrity Limited, a subsidiary of Panacore Investment Limited · Core Vision Limited, a subsidiary of Panacore Investment Limited · Peerboom Coal (Pty) Limited ,a subsidiary of Jindal Africa Investment (Pty) Limited · Shadeed Iron & Steel Company Limited, a subsidiary of Shadeed Iron & Steel LLC · Southbulli Holding Pty Limited, a subsidiary of Wollongong Coal Limited · Oceanic Coal Resources NL, a subsidiary of Wollongong Coal Limited · Wongawilli Coal Pty Limited, a subsidiary of Oceanic Coal Resources |
|
Associates : |
· Angul Sukinda Railway Limited · JB Fab lnfra Private Limited · Koleko Resources (Pty) Limited · Nalwa Steel and Power Limited · Panacore Shipping Pte Limited , Singapore · Prodisyne (Pty) Limited · Thuthukani Coal (Pty) Limited |
|
|
|
|
Joint Ventures: |
· Jindal Synfuels Limited · Shresht Mining and Metals Private Limited · Urtan North Mining Private Limited |
|
|
|
|
Enterprises over
which Key Management Personnel and their relatives exercise significant
influence and with whom transactions have taken place during the year : |
· Abhinandan Investments Limited. · Bir Plantations Private Limited · Bonanaza Trading Company Private Limited · Colorado Trading Co. Limited. · Gagan Infraenergy Limited. · India Flysafe Aviation Limited · IndiaVenture Advisors Private Limited. · Jindal Coal Private Limited · Minerals Management Services (India) Private Limited. · Jindal Industries Limited · Jindal Reality Private Limited. · Jindal Rex Exploration Private Limited. · Jindal Saw Limited. · Jindal Stainless Limited. · Jindal System Private Limited. · JSW Energy Limited · JSW Steel Limited · Nalwa Engineering Co. Limited. · Nalwa Investment Limited. · Opelina Finance and Investment Limited · Rohit Towers Buildings Limited · Trishakti Real Estate Private Limited · Uttam Vidyut Transmission PrivateLimited · YNO Finvest Private Limited. |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.1/- each |
Rs.2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
914885984 |
Equity Shares |
Rs.1/- each |
Rs. 914.885 Millions |
|
|
|
|
|
Note :
|
a) Reconciliation
of the number of shares outstanding at the beginning and at the end of the
reporting period: |
No. of Shares |
(Rs. in Million) |
|
Equity Shares outstanding at the beginning of the year |
934833818 |
934.800 |
|
Add: Equity Shares issued under Employees Stock Purchase Scheme |
11750 |
0.000 |
|
Less: Equity Shares extinguished as per buy back scheme (see note f below) |
19959584 |
20.000 |
|
Equity Shares outstanding at the close of the year |
914885984 |
914.900 |
b) Terms/rights
attached to equity shares
The Company has only one class of equity shares having par value of Rs. 1 per share. Each holder of equity share is entitled to one vote per share. The Company declares dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.
During the year ended 31st March, 2014, the amount of per share dividend proposed, subject to approval of shareholders in annual general meeting, for distribution to equity shareholders is Rs. 1.50 (Previous Year Rs.1.60)
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.
c) Aggregate number of bonus shares issued,
shares issued for consideration other than cash and shares bought back during
the period of five years immediately preceding the reporting date:
During five years immediately preceeding 31st March, 2014, the Company has bought back equity shares as under:
|
During the Year
ended |
No of shares |
|
31st March, 2014 (see note f below) |
19959584 |
|
31st March, 2013 |
- |
|
31st March, 2012 |
- |
|
31st March, 2011 |
- |
|
31st March, 2010 |
- |
|
31st March, 2009 |
- |
|
Total |
19959584 |
During the year ended 31st March, 2010, the Company allotted 775,651,530 equity shares as fully paid bonus shares by capitalising securities premium reserve.
In addition the Company allotted the following equity shares during the preceding five years under its various Employees Stock Option Schemes / Employee Stock Purchase Scheme
|
During the Year
ended |
Scheme |
No. of Shares |
|
31st March, 2014 |
Employee Stock Purchase Scheme |
11750 |
|
31st March, 2013 |
|
- |
|
31st March, 2012 |
Employee Stock Option Scheme |
564787 |
|
31st March, 2011 |
Employee Stock Option Scheme |
3034949 |
|
31st March, 2010 |
Employee Stock Option Scheme |
929869 |
|
31st March, 2009 |
Employee Stock Option Scheme |
691343 |
|
Total |
|
5232698 |
d)
Details of shareholders holding more than 5% shares in the Company
|
Name of the shareholder |
As at 31st
March, 2014 |
|
|
No. of Shares |
Percentage
Holding |
|
|
Equity Shares of ` 1 each fully paid |
|
|
|
Danta Enterprises Private Limited |
62238816 |
6.80% |
|
Gagan Infraenergy Limited |
49709952 |
5.43% |
|
Opelina Finance and Investment Limited |
79838960 |
8.73% |
|
OPJ Trading Private Limited |
187937898 |
20.51% |
|
Sun Investment Limited |
-- |
-- |
|
Virtuous Tradecorp Private Limited |
62238816 |
6.80% |
As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
e) Forfeited shares:
Pursuant to the resolution passed at the extra ordinary general meeting dated 4th September, 2009, the Company reclassified the authorised share capital of the Company by cancellation of 10,000,000 Preference Shares of Rs. 100 each and simultaneous creation of 1,000,000,000 fresh Equity Shares of Rs. 1 each and increased the authorised share capital to Rs. 2000.000
“Consequently, the Company had cancelled 20,00,000 preference shares of Rs. 100 each ( Rs. 5 paid up) which were forefeited earlier. Upon cancellation of such shares, the amount of Rs. 10,000,000 was transferred to General Reserve.
f) Buy back of equity
shares:
In accordance with Section 77 of the Companies Act,1956 and buy back regulations of SEBI, the Company during the financial year 2013-14 bought back and extinguished 19,959,584 number of equity shares of Rs. 1 each and created a Capital Redemption Reserve of Rs. 20.000 Millions out of surplus in the Statement of Profit and Loss. The premium on buy back of Rs. 4988.000 Millions has been utilised from Securities Premium Account by ` 1229.600 Millions and out of surplus in Statement of Profit and Loss by Rs. 3758.400 Millions.
g) Employees Stock
purchase Scheme
In accordance with SEBI(Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines 1999, a) As per resolution passed by the Compensation Committee held on 22.07.2013, during the year on 31.07.2013, 11,750 Equity Shares of Rs. 1/- at a premium of Rs. 2015.500 Millions were allotted to Mr Ravi Uppal, Managing Director & Group CEO, as per the provisions of Employee Stock Purchase Scheme 2013 (hereinafter referred to as JSPL ESPS 2013 Scheme), duly approved through postal ballot as on 21.06.2013.
b) As per the
resolution passed by Compensation
Committee dated 29.08.2013, it is proposed to offer 21000 equity shares of Rs. 1/- equivalent of Rs. 5.000 Millions at an average price of Rs. 2368.300 Millions to Mr. Ravi Uppal , Managing Director & Group CEO as per JSPL ESPS 2013 Scheme. This offer will be for one year from the date of this offer letter as per his entitlement of Employee Stock Option worth Rs. 5.000 Millions per annum.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
914.900 |
934.800 |
934.800 |
|
(b) Reserves &
Surplus |
129728.400 |
122545.900 |
107519.300 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
130643.300 |
123480.700 |
108454.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
135207.800 |
118609.200 |
84939.200 |
|
(b) Deferred tax
liabilities (Net) |
13454.600 |
12149.600 |
10678.100 |
|
(c) Other long term
liabilities |
6951.100 |
5605.800 |
1412.400 |
|
(d) long-term provisions |
195.900 |
209.400 |
187.200 |
|
Total Non-current
Liabilities (3) |
155809.400 |
136574.000 |
97216.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
91461.300 |
76400.200 |
58785.400 |
|
(b) Trade payables |
16373.400 |
6282.000 |
9983.100 |
|
(c) Other current
liabilities |
34549.500 |
25843.900 |
36615.300 |
|
(d) Short-term provisions |
32659.700 |
29518.500 |
24526.300 |
|
Total Current Liabilities
(4) |
175043.900 |
138044.600 |
129910.100 |
|
|
|
|
|
|
TOTAL |
461496.600 |
398099.300 |
335581.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
181923.200 |
141421.800 |
115323.000 |
|
(ii) Intangible Assets |
670.100 |
140.100 |
167.100 |
|
(iii) Capital work-in-progress |
116402.500 |
114661.200 |
104798.600 |
|
(iv) Intangible assets
under development |
229.200 |
178.200 |
141.000 |
|
(b) Non-current
Investments |
13505.200 |
13307.200 |
14121.700 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
16157.100 |
12254.600 |
9971.000 |
|
(e) Other Non-current
assets |
6.300 |
5.500 |
46.300 |
|
Total Non-Current Assets |
328893.600 |
281968.600 |
244568.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
|
|
(b) Inventories |
39362.500 |
35985.200 |
30513.100 |
|
(c) Trade receivables |
14609.600 |
14261.300 |
9050.600 |
|
(d) Cash and cash
equivalents |
7620.000 |
367.700 |
309.400 |
|
(e) Short-term loans and
advances |
65436.500 |
59435.400 |
48062.900 |
|
(f) Other current assets |
5574.400 |
6081.100 |
3076.400 |
|
Total Current Assets |
132603.000 |
116130.700 |
91012.400 |
|
|
|
|
|
|
TOTAL |
461496.600 |
398099.300 |
335581.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
145440.200 |
149547.000 |
133339.500 |
|
|
Other Income |
1468.500 |
1592.800 |
1844.800 |
|
|
TOTAL (A) |
146908.700 |
151139.800 |
135184.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
42657.100 |
49433.000 |
45298.400 |
|
|
Purchases of
Stock-in-Trade |
2733.100 |
2865.800 |
4527.500 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
3860.300 |
(1482.000) |
(3792.400) |
|
|
Employees benefits
expense |
5523.200 |
4478.900 |
3854.400 |
|
|
Other expenses |
53077.900 |
54866.800 |
42826.700 |
|
|
TOTAL (B) |
107851.600 |
110162.500 |
92714.600 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
39057.100 |
40977.300 |
42469.700 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
10836.300 |
8207.700 |
5367.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28220.800 |
32769.600 |
37102.000 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12214.400 |
10484.600 |
8671.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
16006.400 |
22285.000 |
28430.100 |
|
|
|
|
|
|
|
Less |
TAX (H) |
3086.900 |
6359.500 |
7323.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
12919.500 |
15925.500 |
21106.500 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
1291.900 |
1750.000 |
2200.000 |
|
|
Final Dividend |
1372.300 |
1495.700 |
1494.600 |
|
|
Corporate Tax on Dividend |
12.200 |
33.200 |
31.500 |
|
|
Total (J) |
2676.400 |
3278.900 |
3726.100 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
28320.200 |
15985.300 |
14288.400 |
|
|
Others |
0.000 |
226.000 |
0.000 |
|
|
TOTAL EARNINGS |
28320.200 |
16211.300 |
14288.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials and Fuel |
19763.800 |
25304.500 |
29521.8 |
|
|
Components and Stores
parts |
2774.300 |
2487.400 |
1719.8 |
|
|
Capital Goods and Other |
13459.700 |
6737.800 |
8652.2 |
|
|
TOTAL IMPORTS |
35997.800 |
34529.700 |
39893.800 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
13.89 |
17.04 |
22.58 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
8.79 |
10.54 |
15.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.01 |
14.90 |
21.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.83 |
8.26 |
13.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.18 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.74 |
1.58 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.76 |
0.84 |
0.70 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
934.800 |
934.800 |
914.900 |
|
Reserves & Surplus |
107519.300 |
122545.900 |
129728.400 |
|
Net worth |
108454.100 |
123480.700 |
130643.300 |
|
|
|
|
|
|
long-term borrowings |
84939.200 |
118609.200 |
135207.800 |
|
Short term borrowings |
58785.400 |
76400.200 |
91461.300 |
|
Total borrowings |
143724.600 |
195009.400 |
226669.100 |
|
Debt/Equity ratio |
1.325 |
1.579 |
1.735 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
133339.500 |
149547.000 |
145440.200 |
|
|
|
12.155 |
(2.746) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
133339.500 |
149547.000 |
145440.200 |
|
Profit |
21106.500 |
15925.500 |
12919.500 |
|
|
15.83% |
10.65% |
8.88% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available
in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
No |
|
8] |
No. of
employees |
Yes |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
----------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
---------------------- |
|
26] |
Buyer visit
details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
No |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
VIEW INDEX OF
CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10501763 |
06/05/2014 |
15,000,000,000.00 |
State Bank of India |
STATE BANK OF INDIA
CAG BRANCH, 12TH FLOOR, JAWAH |
C06004147 |
|
2 |
10487119 |
27/06/2014 * |
10,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL |
C15409733 |
|
3 |
10487226 |
29/03/2014 * |
15,000,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK LIMITED,
ALKAPURI, BARODA, Gujarat - 3 |
C03329216 |
|
4 |
10366407 |
14/02/2014 * |
35,030,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B98001043 |
|
5 |
10363335 |
13/06/2012 |
8,100,000,000.00 |
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED |
KRM Tower, 8th Floor,, No. 1, Harrington Road, Chetpet, Chennai, Tamil Nadu - 600031, INDIA |
B42761205 |
|
6 |
10329346 |
07/01/2012 |
8,100,000,000.00 |
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED |
KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai, Tamil Nadu - 600031, INDIA |
B29746468 |
|
7 |
10332392 |
24/12/2011 * |
17,460,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurg Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
B30960819 |
|
8 |
10328994 |
20/12/2011 |
2,500,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL BRANCH, 74, JANPATH , NEW DELHI, Delhi - 110001, INDIA |
B29526126 |
|
9 |
10301388 |
02/08/2011 |
2,960,000,000.00 |
LANDT INFRASTRUCTURE FINANCE COMPANY LIMITED |
MOUNT POONAMALLEE ROAD, MANAPAKKAM, CHENNAI, Tamil Nadu - 600089, INDIA |
B18449215 |
|
10 |
10298803 |
27/07/2011 |
1,000,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL BRANCH, 74, JANPATH,NEW DELHI, NEW DELHI, Delhi - 110001, INDIA |
B17459678 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans |
|
|
|
Debenture |
3000.000 |
0.000 |
|
Loan from Banks Other Loans |
8758.900 |
4280.900 |
|
Others Loans and Advances External Commercial Borrowings |
10330.900 |
10567.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
From Banks |
|
|
|
Short Term Loans |
30513.000 |
18079.900 |
|
Other Loans |
7442.600 |
17612.400 |
|
Commercial Papers |
15000.000 |
11250.000 |
|
Loans and advances
from related parties Inter Corporate Deposits (from subsidiary) |
24550.600 |
17385.600 |
|
Fixed Deposits from Public |
0.000 |
59.400 |
|
Total |
99596.000 |
79235.200 |
Note:
LONG TERM
BORROWING
Repayments and Interest rates for the above unsecured debentures and
External Commercial Borrowings are as follows:
|
Year |
2014-15 |
2015-16 |
2016-17 |
2017-18 and Above |
|
Amount (Rs. In Millions) |
1287.400 |
7297.400 |
4287.400 |
1746.100 |
The interest rate for the unsecured debentures is 9.63% p.a. The interest rate for the above term External Commercial Borrowings varies from 0.5730 % to 2.4829 % p.a
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Guarantees,
Undertakings & Letter of Credit |
|
|
|
a) Guarantees issued by the Company’s Bankers on behalf of the Company |
8229.000 |
4300.500 |
|
b)Letter of credit opened by banks |
4741.300 |
7867.200 |
|
c) Corporate guarantees/undertakings issued on behalf of third parties. |
68274.800 |
50441.500 |
|
Statutory Demands |
|
|
|
d) Disputed Excise Duty and Other demands |
14320.000 |
9371.700 |
|
e) Income Tax demands where the cases are pending at various stages of appeal with the authorities |
5558.400 |
1919.400 |
|
f) Bonds executed for machinery imports under EPCG Scheme |
24702.200 |
30814.100 |
|
Others |
|
|
|
g) Future liability on account of lease rent for unexpired period |
100.500 |
100.500 |
|
h) Claims against the company, not acknowledge as debt |
781.300 |
361.600 |
|
i) Uncalled liability towards partly paid up shares |
601.500 |
732.700 |
|
j) The company has provided a shortfall undertaking to fund the debt service reserve account (DSRA) of a subsidiary. As the subsidiary continues to maintain succeeding 3 months interest and principle in DSRA, hence the company does not have any present liability to fund the said account |
||
PRESS
RELEASE
August
6, 2014
Jindal
Steel and Power Ltd. Q1 Results FY 14-15
JSPL's Standalone
and Consolidated turnover in Q1, FY 15 grew by 5% and 10% compared to same
quarter last year. Company's continued focus on increasing Net Sales
Realization (NSR) and Operational Excellence saw EBITDA level in both
Standalone and Consolidated cases rise to over 33% compared to 25% & 29% on
Standalone and Consolidated basis respectively in Q1, FY 14. JSPL Standalone's
PBT and PAT for JSPL increased by 16.2% and 28.2% compared to Q1, FY14.
However, a major increase in depreciation and financing costs and restructuring
costs of WCL, Australia caused net profit at consolidated level to drop by
20.5% on y-o-y basis. The Cash Profit for both Consolidated and Standalone
cases however rose by 23.4% and 41.4% respectively over the same quarter of
previous year. Company's EBITDA performance was achieved inspite of disruption
to iron ore supply and continued shortage of coal to the newly commissioned
JPL's Tamnar Phase II power plant.
Steel
JSPL's new
pellet plant with a capacity of 4.5 MTPA went into operation during Q1 FY15;
however the
production had to be curtailed due to restricted availability of iron ore
fines. Both Blast Furnaces and two EAFs were upgraded. With these, the
modernisation of Iron & Steel shops at Raigarh was completed and the
plant's capacity has been enhanced to 3.5 MTPA as against 3.0 MTPA earlier.
JSPL's continued focus on NSR saw it increase by 8% in Q1, FY 15 compared to
same quarter last year. The Company continued its relentless effort to reduce
its working capital, which resulted in its Finished Good inventory reduce by
27% to an all-time low of 207,731MT.
JSPL's
retail sales grew by an impressive 26% during Q1, FY15 compared to Q4, FY14 and
by 284% compared to Q1, FY14. With this, the company consolidated its presence
in retail market on a country wide basis. Although Rupee's strengthening
against US$ adversely affected the price competitiveness, JSPL increased their
exports by 6% in volume terms during Q1, FY15. Company successfully entered the
High Grade plate and structural steel market of US, Canada and Mexico.
Power
Although
3 out of the 4, 600 MW Power Units of JPL under Tamnar Phase II were
successfully completed, only one unit was operated. With improved availability
of coal and transmission capacity, we are hopeful to operate other units. JPL's
Phase - I, 1000 MW plant was operated at 97.8% PLF. The average NSR for Q1, FY
15 of JPL was at Rs. 3.29 compared to Rs. 3.21 in Q1, FY 14.
JSPL's
4x135 MW captive power plant at Dongamuha, achieved substantial improvement in
its availability and PLF, as a result of which it posted impressive increase in
its profitability. Although, all 6 x 135 MW units of Angul Power plant have
been commissioned, the utilization remained low due to restrictions on export
of power.
Global
Ventures
JSPL
Global Venture's SMS plant in Oman was successfully completed in April, 2014
and the billet
deliveries to the market started from May, 2014. The plant's PBT in Q1, FY15
increased by 180 % compared to Q1, FY14. However, Company's WCL Australia's coking coal mines continued to make losses
due to operational reasons and restructuring costs. A major restructuring of
WCL was undertaken under which the manpower has been reduced by 38% compared to
Q4, FY 14.
OPERATIONAL REVIEW
The Company has, on a consolidated basis, achieved an aggregate income of Rs. 200696.700 Millions compared to previous year’s Rs. 199432.000 Millions. Profit before tax is Rs. 25120.100 Millions in 2013-14 as compared to Rs. 38334.500 Millions in 2012-13. Profit after tax is Rs. 18938.000 Millions in 2013-14 as compared to Rs. 29116.200 Millions in 2012-13. The Reserves and Surplus have touched Rs. 225190.500 Millions.
Sponge Iron
The Company produced 13,19,985 MT of Sponge Iron during the year under report as against previous year’s production of 13,19,976 MT and achieved a capacity utilisation of about 96.35%.
Power
The Company generated 5643.950 million Kwh of power during the year under report as against last year’s 6027.820 million Kwh of power.
Mining
The production of calibrated iron ore at captive mine at Tensa in Odisha was 5.41 lacs MT as against previous year’s production of 0.564 Millions MT. Coal production at captive mine was 5.999 Millions MT and was close to last year’s production.
Global economy
The year 2013 witnessed changing global dynamics with a renewed focus on the developed nations. The developed economies gathered momentum even as consumer demand recovered modestly in the US and Japan. However, emerging economies experienced external and localised vulnerabilities and market turmoil.
There has been a reduction in the fiscal cliff in the US recently, coupled with encouraging economic data about the region’s housing and employment scenario. It is likely that structural policies across emerging nations like China and India will bolster the investment climate. Owing to these developments, globally economies are estimated to grow at an average rate of 3.6% in 2014 compared to 3% in 2013 [Source: IMF April 2014].
USA
Gradual tightening of the monetary policy in the US, if orchestrated rightly, can give a further fillip to growth. The IMF forecasts sustained and steady growth for the US economy, due to increased private domestic demand and growth in housing sectors in CY 2013. However, fiscal austerity measures undertaken to halt rising public debt can pose serious headwinds to an anaemic economy.
Euro zone
Weak investment and elevated unemployment continue to impede the growth of the Euro zone that has gradually emerged from a recession in CY 2013. The automotive industry displayed signs of an upturn in Central Europe, whereas retail sales rose in the Czech Republic and Poland. Deflationary impulses and fiscal prudence measures do not induce demand. Growth remains uneven across the Euro zone: UK, Ireland and Germany show relatively strong growth, while Greece, Cyprus and Portugal experience protracted recessionary conditions.
Japan
The country is estimated to record a 1.5% growth rate in FY2013-14. An expansionary monetary policy (the Government has introduced five trillion yen) is expected to drive growth in the coming fiscal; even as it is offset by the Government’s consumption tax over the next two years [Source: UN World economic scenario report 2013].
Indian economy
India faced significant portfolio equity outflows in FY 2013-14 due to the US announcement for withdrawal of the fiscal stimulus. On the industry front, sluggishness in the Indian economy continued with contraction in the industrial output and services sector. High inflation and high interest rates affected all economic sectors.
Inflation has, since then, moderated, along with an improvement in the fiscal and current account deficit. A good monsoon also enhanced rural demand. The government’s clearance of stalled infrastructure projects in the last quarter of FY 2013-14 has improved business sentiments. The outlook for FY 2014-15 is positive as order books are being filled up and iron ore projects have been unlocked. Going forward, it is estimated that GDP will grow by 5.5% in FY 2014-15 compared to 4.7% in FY 2013-14.
Any external vulnerabilities should be reduced considerably due to an improved export environment, easing of supply bottlenecks to shrink import demand, and a lower fiscal deficit. Exchange flexibility will be necessary only if capital account pressures begin to re-emerge. Removing barriers to investment should be the new government’s top-most priority.
Global Steel Industry
Supply and demand
World crude steel production stood at 1,607 million tonnes
(MT) for the year 2013, higher by 3.5% compared to 2012. Supply increased from
Asia and the Middle East, whereas crude steel production in other regions
decreased in 2013 compared to 2012 [Source: World Steel, January 2014].
Global steel demand rose by around 3.6% in 2013 compared to 2012 due to increased infrastructural and construction related activity, especially in Asia. China’s global steel demand grew by 6.1% in 2013 compared to 2.9% in 2012. The demand for steel for the rest of the world in 2013 remained much lower than expected. The majority of demand came from the emerging economies (+4.9%), whereas demand in the EU continued to contract (–3.8%). There was, however, a minor rise in apparent steel usage in North America (+0.2%) [Source: World Steel, October 2013 and World Steel Association, May 2014].
The crude steel capacity utilisation ratio for 65 countries in March 2014 was 79.0%, which is 0.4% lower than that for March 2013.
The steel producers are facing a problem of overcapacity, besides cost concerns, repair and maintenance and labour costs. The producers have invested capital in upstream raw material security and reduced costs with considerable vertical integration in 2013-14. The steelmakers have also bought financial instruments for hedging and margin protection.
The operational efficiencies and flexibility of production across the value chain is another way to tame the volatility. Steelmakers are now expected to produce high-end differentiated products to capture a greater share of the downstream value chain.
In 2013, global seaborne iron ore demand increased by about 9% Year on Year due to strong Chinese steel production. Global prices averaged US$133 per tonne during the year. However, an oversupplied iron ore market is slowly expected to move from a deficit of over 8% of seaborne demand in 2013 to a likely surplus of almost 9% by 2018 [Source: E&Y Global Steel, 2014].
The downward pressure on iron ore and coking coal prices is expected, going ahead. However, global trade in iron ore and coking coal is dominated by some large players who can lower production to influence prices.
Outlook
Steel usage is expected to grow by 3.1% to 1,527 MT in 2014. It is estimated that world steel demand will grow by a further 3.3% in 2015 to reach 1,576 MT. A continued steady recovery in advanced economies and improvement in emerging economies is further expected in 2015. However, downside risks remain in the form of the Euro zone’s fragile economic recovery, structural constraints in emerging economies and China’s debt and real estate concerns.
In 2013, world steel demand grew at 3.6% because of the strengthened recovery in the US markets in the second half of the year. Steel demand in the Euro zone is likely to rise with a 4.5% increase in steel usage in Germany in 2014, 2.6% in Italy, 1.0% in France and 3.0% in Spain.
India’s steel demand is estimated to grow by 3.3% to 76.2 MT in 2014-15, following 1.8% growth in 2013-14. This is due to improved sentiments for the construction and manufacturing sectors, even though structural issues and persistent inflation continue to pose challenges.
Overall steel demand in developed economies will be above 2% in 2014 and 2015, while that in developing economies will continue to grow faster [Source: World Steel Association, Short
Range Outlook, 2014-15].
Indian Steel Industry
In 2013-14 crude steel production was 81.5 MT and consumption was 73.9 MT [Source: JPC]. Steel production is expected to grow at 5.2% and demand estimated to grow at over 3% [Source: ICRA February 2014 report].
The industry has integrated as well as standalone steel players in the market. Capacity additions are being planned in the industry. The constrained iron ore availability in 2013-14 affected some players. Exports surged due to a depreciating currency. Steel exports grew by 4.2%, while steel imports crashed by 31.3% during the period [Source: JPC February 2014].
Operational Review
The Company operates the largest coal-based sponge iron plant in the world. It has an installed capacity of 3 MTPA of crude steel and is operating a 0.6 MTPA medium and light structural mill, a 1.0 MTPA plate mill and a 0.75 MTPA rail and universal Beam mill at Raigarh in Chhattigarh. It is also operating a 1.5 MTPA steel melting shop and a 1.2 MTPA plate mill to produce plates up to 5.00 metres in width at Angul in Odisha. The Company also has a 0.6 MTPA wire rod mill and a 1.0 MTPA capacity bar mill at Patratu in Jharkhand. It has 1,685 MW of power generation capacity i.e. 851 MW in Raigarh (Chhattisgarh), 810 MW in Angul (Odisha) and 24 MW wind power in Satara (Maharashtra). The Company, through its subsidiary, operates a 1.5-MTPA gas-based Hot Briquetted Iron (HBI) plant and has completed a 2 MTPA Steel Melting Shop in Oman (Middle East).
The Company produces the world’s longest (121-metre) rails and it is the first in the country to manufacture large-size parallel flange beams. The Company also has the distinction of producing high strength angle iron for transmission towers and high strength earthquake-resistant construction TMT rebars. The Company has recently launched a new retail brand, “Jindal Panther™” in India. The first product launched under the brand is Jindal Panther™ TMT Rebars.
OVERVIEW
Jindal Steel & Power Limited is one of the India’s leading steel producers with significant presence in sector like mining and power generation. It is listed on the National Stock Exchange of India and Bombay Stock Exchange in India. Its business is spread across India and overseas. The corporate office is situated in New Delhi and the manufacturing plants in India are in the states of Chhattisgarh, Odisha, Jharkhand etc. The Company has global presence in Australia, Botswana, China, Dubai, Indonesia, Liberia, Mauritania, Mauritius, Mozambique, Madagascar, Namibia, South Africa, Sultanate of Oman, Tanzania and Zambia. There are several business initiatives running simultaneously across continents.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE FINANCIAL YEAR ENDED
ON 31ST JUNE 2014
|
PARTICULARS |
30.06.2014 |
||
|
|
|
||
|
1 |
Income From
Operations |
|
|
|
|
a) |
Net Sales / Income from Operations (net of excise duty) |
35183.300 |
|
|
b) |
Other Operating Income |
655.800 |
|
|
|
Total Income from
Operations (net) [1(a) + 1(b)] |
35839.100 |
|
2 |
Expenses |
|
|
|
|
a) |
Cost of materials consumed |
10064.100 |
|
|
b) |
Purchase of stock-in-trade |
655.100 |
|
|
c) |
Change in inventories of finished goods, work-in-progress and stock-in-trade |
(501.600) |
|
|
d) |
Employee benefits expenses |
1382.300 |
|
|
e) |
Depreciation and amortisation expenses |
4154.800 |
|
|
f) |
Stores & Spares consumed |
4365.600 |
|
|
g) |
Power & Fuel |
2756.100 |
|
|
h) |
Other Expenditure |
5198.000 |
|
|
|
Total expenses |
28074.400 |
|
3 |
Profit /(Loss) from Operations before other income, finance costs and exceptional items (1-2) |
7764.700 |
|
|
4 |
Other Income |
218.700 |
|
|
5 |
Profit / (Loss) from ordinary activities before finance costs and Exceptional Items (3+4) |
7983.400 |
|
|
6 |
Finance costs |
4283.100 |
|
|
7 |
Profit / (Loss) from ordinary activities after finance cost but before exceptional Items (5-6) |
3700.300 |
|
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit / (Loss)
from ordinary activities before tax (7-8) |
3700.300 |
|
|
10 |
Tax expense |
637.600 |
|
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
3062.700 |
|
|
12 |
Extraordinary item |
|
|
|
13 |
Net Profit/ (Loss)
for the period (11-12) |
3062.700 |
|
|
14 |
Share of profit / (loss) of associates |
|
|
|
15 |
Minority interest |
|
|
|
16 |
Other Related Items |
|
|
|
17 |
Net Profit / (Loss) after taxes, minority interest and shares of profit / (loss) of associates (13+14+15+16) |
3062.700 |
|
|
18 |
Cash Profit |
7855.100 |
|
|
19 |
Paid up equity share capital (Face Value Re. 1/- per share) |
914.900 |
|
|
|
Paid up debt capital of the company |
|
|
|
20 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
Debenture Redemption Reserves |
|
|
|
21 .i |
Earnings Per Share
(EPS) (before Extraordinary items) (of Re. 1/- each) (not annualised): |
|
|
|
|
a) |
Basic |
3.35 |
|
|
b) |
Diluted |
3.35 |
|
21.ii |
Earnings Per Share
(EPS) (after Extraordinary items) (of Re. 1/- each) (not annualised): |
|
|
|
|
a) |
Basic |
3.35 |
|
|
b) |
Diluted |
3.35 |
|
|
|
|
|
|
|
PARTICULARS OF
SHARESHOLDING |
|
|
|
|
Public shareholding |
|
|
|
|
|
- Number of shares |
362182136 |
|
|
_ |
- Percentage of shareholding |
39.59 |
|
2 |
Promoters and
promoter group Shareholding |
|
|
|
|
a) |
Pledged/Encumbered |
|
|
|
|
- Number of shares |
40448 |
|
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
0.01 |
|
|
|
- Percentage of shares (as a% of the total share capital of the company) |
0.00 |
|
|
b) |
Non-encumbered |
|
|
|
|
- Number of Shares |
552663400 |
|
|
|
- Percentage of shares (as a% of the total shareholding of promoter and promoter group) |
99.99 |
|
|
|
- Percentage of shares (as a % of the total share capital of the company) |
60.41 |
|
Particulars |
30.06.2014 |
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
0 |
SEGMENT WISE REPORTING OF REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER
ENDED ON 30th JUNE, 2014
|
|
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30.06.2014 |
|
1 |
Segment Revenue |
|
|
|
a) Iron & Steel |
32969.400 |
|
|
b) Power |
6453.700 |
|
|
c) Others |
895.000 |
|
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Sub Total |
40318.100 |
|
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Less: Inter-segment Revenue |
4479.000 |
|
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Net Sales/Income from Operations |
35839.100 |
|
|
Segment Results (Profit(+)/Loss(-) before
Tax and interest from each segment) |
|
|
|
a) Iron & Steel |
6111.300 |
|
|
b) Power |
2841.300 |
|
|
c) Others |
96.700 |
|
|
Sub Total |
9049.300 |
|
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Less : Finance Cost (net) |
4283.100 |
|
|
Other un-allocable expenditure (net off Un-allocable income) |
1065.900 |
|
|
Exceptional Items |
-- |
|
|
Total Profit Before Tax |
3700.300 |
|
3 |
Capital Employed (Segment Assets -
Segment Liabilities) |
|
|
|
a) Iron & Steel |
183857.100 |
|
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b) Power |
58538.500 |
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c) Others |
4923.700 |
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d) Unallocated |
(114960.000) |
|
|
Total Segment Capital Employed |
132359.300 |
Note:
1. The above unaudited results were reviewed by the Audit Committee and have been taken on record by the Board of Directors in their meeting held on August 6, 2014.
2. The above unaudited results have been reviewed by statutory auditors as per
clause 41 of the listing agreement.
3. In accordance with The Companies Act 2013, the Company and its
Subsidiaries/Joint Ventures have revised the useful life of their fixed assets
to comply with the useful life as mentioned in the Schedule -II of the said
Act. As per the transitional provisions the Company and its subsidiaries/Joint
ventures has adjusted Rs.1164.500 Millions (net of deferred tax of Rs. 242.400
Millions) and Rs. 1595.100 Millions (net of deferred tax of Rs. 242.400
Millions) from the opening balance of retained earnings of the standalone and
consolidated financials results respectively. Had the Company and its
subsidiaries/joint ventures continued to follow the earlier useful lifes the
depreciation expenses for the period would have been lower by Rs. 336.000
Millions and Rs.166.000 Millions in the standalone and consolidated financials
respectively.
4. The figures of quarter ended on March 31, 2014 are the balancing figures
between audited figures in respect of the full financial year ended on March
31, 2014 and published year to date (nine months) figures upto the third
quarter ended on December 31, 2013.
5. Previous quarter/period figures have been regrouped and reclassified to make
them comparable.
# Cash Profit = Profit after tax + Deferred tax + Depreciation and amortisation
expenses.
FIXED ASSETS
· Land Freehold
· Land Leasehold
· Live Stock
· Buildings
· Plant and Equipment
· Electrical Fittings
· Furniture and Fixtures
· Vehicles
·
Air Craft
·
Office equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.79 |
|
|
1 |
Rs. 100.72 |
|
Euro |
1 |
Rs. 80.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
74 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.